DryShips a step closer to closing

DryShips a step closer to closing

George Economou’s DryShips is in serious trouble. The New York-listed bulker entity revealed yesterday it had defaulted on three bank facilities and raised “substantial doubt” of its ability to carry on as a going concern.

The Greek firm admitted it was in breach of financial covenants and has suspended principal repayments and interest payments for the remaining bank facilities.

DryShips suffered a net loss of $2.84bn for 2015 and the poor results have continued this year.

Other Economou-linked companies include Cardiff Marine/TMS Group and Ocean Rig.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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